Business | Property
Expert says few Dubai developers taking 'green' buildings seriously
Dubai's high occupancy rate is discouraging local property developers from implementing strict environmentally-sustainable standards in Dubai, according to a director from CB Richard Ellis.
- By Scott Shuey, Chief Business Reporter
- Published: 00:07 July 4, 2008
- Charlotte Eddington says majority of the Dubai developers see no need to differentiate their buildings because they believe the building will be occupied no matter what services are offered.
- Image Credit: Supplied picture
Dubai: Dubai's high occupancy rate is discouraging local property developers from implementing strict environmentally-sustainable standards in Dubai, according to a director from CB Richard Ellis.
Charlotte Eddington, who is Group Head of Energy and Sustainability, said few developers in the emirate are taking "green" buildings seriously. The majority see no need to differentiate their buildings because they believe the building will be occupied no matter what services are offered.
Los Angeles-based CB Richard Ellis is the world's largest commercial real estate services company. In 2007 the company had revenue of over $6 billion. Eddington is based out of the UK, and was in Dubai to gather information about the emirate's real estate market.
Eddington said developers must start seriously implementing environmentally-sustainable technology now, or they would not be competitive if market conditions change, which, she estimates, will happen in 2010. The number of available buildings on the market at that time will allow individuals and companies to be more selective in the spaces they choose to live and work in.
Developers should also be using green technology because such buildings "hold value longer" and produce a product that is "aligned with market expectations," which can help a developer "safe guard their reputations," she said.
Although green buildings are more expensive to construct - some estimates say green technology can add 7 per cent to the construction cost of a building - they can be cheaper to operate due to reduced water and energy usage.
All buildings being constructed in Dubai after January 2008 must now be green, under the directive of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, which says builders and developers must comply with green standards.
Many internationally-recognised standards, according to her, can't be reasonably applied in the UAE, even though some developers have tried, due to environmental and practical reasons. One standard, she said, recognises a building's sustainability on a points system, which includes such items as bicycle racks, which would be unrealistic for most of Dubai's residents.
So far, most countries have developed their own standards for green housing. Eddington said a "pearl" standard, which could be directly applicable to building in the UAE, is being developed.
However, the pearl standard is in the early stages and is not yet recognised globally. Such a standard would help developer's produce "usable" green building in the region.
"You can build the greenest building in the world, but if tenants and landlords don't use it, it doesn't do any good," she said.
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